By Morningstar: With Berkshire Hathaway's (BRK.A) annual meeting--the Woodstock of Capitalism--set for Saturday, May 4, many investors are preparing to flock to Omaha once again to hear pearls of wisdom both from Berkshire's chairman Warren Buffett and vice chairman Charlie Munger.

Each year Warren Buffett and Charlie Munger answer questions in front of crowds of tens of thousands of Berkshire Hathaway shareholders in Omaha, Nebraska. The question and answer sessions provide great wisdom on economics, investing and management. Here are some of the highlights I have found from the meeting yesterday.
Buffett, Munger praise Google’s ‘moat’

By David Pinsen:
Fair Businesses Versus Wonderful Businesses
Most followers of Warren Buffett likely know that the Berkshire Hathaway, Inc. (BRK.B) chief's friend (and Berkshire vice-chairman) Charlie Munger changed the way Buffett invested in stocks. For those who didn't know, Buffett included a reminder on p.13 of Berkshire's most recent shareholder letter:

Warren Buffett, America’s most famous investor, holds himself to a high standard. That’s why he described 2012, a year in which his conglomerate Berkshire Hathaway achieved a total gain for its shareholders of $24.1 billion, as “subpar.” As Buffett pointed out, for the ninth time in 48 years, Berkshire’s book value gain (14.4%) was less than the S&P’s gain (16%). This mea culpa of sorts kicks off Buffett’s annual letter, which was released on Friday.

Warren Buffett, America’s most famous investor, holds himself to a high standard. That’s why he described 2012, a year in which his conglomerate Berkshire Hathaway achieved a total gain for its shareholders of $24.1 billion, as “subpar.” As Buffett pointed out, for the ninth time in 48 years, Berkshire’s book value gain (14.4%) was less than the S&P’s gain (16%). This mea culpa of sorts kicks off Buffett’s annual letter, which was released on Friday.